BUSINESS Hong Kong stocks slump Tuesday on weak tech firms


Hong Kong stocks slump Tuesday on weak tech firms


12:35, May 11, 2021

HONG KONG, May 11 (Xinhua) -- Hong Kong stocks declined to the lowest point in more than a month on Tuesday morning weighed down by lackluster tech firms, following retreats of U.S. tech shares on Monday due to inflation concerns and sector rotation.

The benchmark Hang Seng Index shed 613.45 points, or 2.15 percent, to 27,982.21 points during the morning session, marking the weakest level since late March.

The technology sector, in particular tech giants also listed in the United States, suffered the most in Tuesday's decline.

The Hang Seng tech index slid 3.76 percent to end the morning session at 7,589.54 points. Search engine Baidu lost 4.48 percent, and online life services platform Meituan plunged 8.07 percent. Internet conglomerate Tencent fell 2.86 percent.

While the market had been under adjustment over the past month, the rising concerns about inflation and the tightening regulation over tech firms jointly caused the sharp falls of Hong Kong stocks on Tuesday, Ronald Wan, chief executive of Partners Capital International, said.

Major U.S. stock indexes sank on Monday, with the tech-heavy Nasdaq down 2.55 percent to 13,401.86. All the top 10 stocks by weight in the S&P U.S. Listed China 50 index ended the day on a downbeat note.

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